Check Your Insurance!
Over the past few months I have had to utilize insurance more than any time in my life and I am so glad for it!
Insurance in all of its forms, medical, dental, home and auto, life insurance and insuring the device you are currently reading this on are all types of financial tools designed to protect you, keep you going backwards and exchange $1 for multiple dollars when used.
Back in the fall of 2024 I had Whooping Cough and needed some extra medical attention. I did not know whooping cough was still a thing. That was followed by a car accident where my car was totaled and insurance stepped in and I got a replacement. Then all of our belongings burned in a fire. Once again, insurance was there to help. And some had been dropped by their provider ahead of the fires and were not aware.
Insurance products are often boring. They feel like unnecessary bills and a waste of money until they are not! Normally, when people want insurance protections it is often too late. Older individuals needing long term care often come looking for it when they need it and are unable to attain it. The same with life insurance. Terminal illnesses or being up there in years magnifies the need for coverage.
I believe insurance products of all types are going to grow in their value to us as people as we head closer to the death of retirement in America. With that being said I want to encourage everyone to spend time this week looking at your insurances and the protections you have put in place.
Insurance shifts the financial liability off you and to the pooled resources of the insurance company. In most cases they can manage those funds and provide more benefit to you and all the other policy holders than you can do on your own.
What would it cost to self insure? You might be able to cover the replacement or repair of a damaged car but what about property damage or worse - medical expenses associated with the accident.
If you have insurance on your phone and not your own life you may want to consider switching that around.
There are all kinds of critical pieces to financial planning and protections that many people don’t consider and many financial tools advisors never mention to their clients. Yet, for all of the ups and downs, variables life throws at you, the unexpected and the unfortunate aspects of life there is probably an insurance tool.
Disability coverage is there to replace income if you can’t work.
Guaranteed income is there in your senior years through different income producing products.
Car insurance is there in an accident.
Your child breaks their arm like mine did a couple summers ago and insurance pays for the surgery and care.
I hope this reads as a plea from a fiduciary financial advisor and not a pitch for product sales.
Do me and yourself a favor and double check what you have. Organize it. Review it. Have a professional look at where you might have insurance holes. Make sure your coverage is still valid and in force. See if there are updates since you initially got the coverage.
It could be the single greatest financial move you ever make for yourself and your loved ones.